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Gold Medal Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Gold Medal Running Shoes.
Gold Medal Running Shoes reports the following: (Click the icon to view the transaction information.) Journalize all entries required for Gold Medal Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 4, 2024: Recorded credit card sales of $98,000, net of processor fee of 2%. Ignore Cost of Goods Sold. (Prepare a single compound journal entry.) Accounts and Explanation Date Debit Credit 2024 Nov. 1 Nov. 15, 2024: Recorded GoldCard credit card sales of $82,000. Processor charges a 1.5% fee. GoldCard charges the fee at the end of the month, therefore Gold Medal uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2024 Nov. 15 More info Nov. 30, 2024: GoldCard collected the fees for the month of November. Assume the November 15 transaction is the only GoldCard credit card sale. Date Accounts and Explanation 2024 Nov. 30 Debit Credit 2024 Nov. 1 Recorded North American Express credit card sales of $98,000, net of processor fee of 2%. Ignore Cost of Goods Sold. Nov. 15 Recorded GoldCard credit card sales of $82,000. Processor charges a 1.5% fee. GoldCard charges the fee at the end of the month, therefore Gold Medal uses the gross method for these credit card sales. Ignore Cost of Goods Sold. Nov. 30 GoldCard collected the fees for the month of November. Assume the November 15 transaction is the only GoldCard credit card sale. Print Done
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